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In 1996, one would probably define “new economy” as an economy driven and powered by technology. Now, seven years later, various new advancements and new factors are calling for a modified view.
It is true that new economy is driven by technology, but that is not all. A spirit of innovation and initiative is also the driving force of its progress.
Seven years ago, technology was the dominant driving force. But since then an ever stronger momentum has been generated by such factors as wealth, stocks, and the Internet, which are more than technology. Indeed, they stem from the spirit of innovation and initiative.
Therefore, while technology remains the propelling force for the new economy, the new economy is not merely an economy of technology. It is innovation plus initiative that has kept the new economy flourishing and thriving.
